How Can a Knowledge-Based Authentication System Help My Business?

This robust, knowledge-based authentication system allows financial services providers, card issuers, retailers and order processors to customize their risk exposure for each transaction. Enhance your customer satisfaction by taking a risk-based approach to identity authentication by targeting only the riskiest consumers with increased verification. Simply review their Precise IDSM score or other criteria. When risk warrants it, initiate an interactive question session for further verification. This fosters a positive, convenient customer experience and provides you with a more accurate picture of the applicant through multisource credit and noncredit data. Knowledge IQSM complies with both the Gramm-Leach-Bliley Act and the Fair Credit Reporting Act and is ideal for non-face-to-face transactions, such as Internet and call center applications. The breadth of data and complex modeling make this platform one of the most advanced in the marketplace.

Blending the industry’s most extensive data, superior analytics and flexibility, Precise ID is a single-platform solution that operates across product lines and throughout the Customer Life Cycle, providing fraud prevention. This comprehensive system enables you to develop a plan that suits your specific needs. Instead of combining several niche products, you can customize risk strategies for all your institution’s fraud prevention needs. Precise ID also reduces operational expenditures — both actual losses and management costs — by optimizing your fraud prevention in previously unavailable ways and without costly product integration projects.

The Precise ID Web user interface features real-time functionality and transaction reporting, enhancing user flexibility and speed. In addition, it provides streamlined access while implementation occurs, allowing new users to be up and running within days.

Knowledge IQ utilizes Experian’s challenge-response authentication question technology to formulate questions only the true customer would know. With an adjustable question configuration and the ability to change strategies for each inquiry, you are well-suited to achieve your fraud prevention and detection objectives with various levels of identity authentication. In addition, configurable time limits prevent fraudsters from researching answers during faceless interactions. With Knowledge IQ, you ensure rapid, reliable and convenient consumer verification for your true customers.

The powerful combination of Knowledge IQ and Precise ID risk scoring provides a multifaceted credit-risk and identity authentication tool. This innovative modeling approach allows many configurations to exist on your system, with only one risk strategy being active for each scoring model.

Key benefits include the following:

Optimized risk strategies for a specific consumer populations

Global question exclusion over a specific time period

Flexible, client-controlled question configurations

Credit- and noncredit-based questions for a more accurate picture of the consumer

Alternate languages for question presentation at inquiry

Knowledge IQ is the only scoring and question product from a single provider available in the market today. No other tool matches its comprehensive knowledge-based authentication questions, scoring or data sources. The depth of information, analytical performance and powerful capabilities this platform provides make it more than just a software package. This revolutionary tool sets a new standard, empowering users to evolve and elevate their fraud and credit-risk practices within days.

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